Schedule of Stockholders Equity |
The following tables present the changes in stockholders’ equity (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2020 | | | | | | | | | | | | | | | | Common Stock | | | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income | | Total Intuitive Surgical, Inc. Stockholders’ Equity | | Noncontrolling Interest in Joint Venture | | Total Stockholders’ Equity | | Shares | | Amount | | | | | | | | | | | | | Beginning balance | 117.0 | | | $ | 0.1 | | | $ | 6,085.1 | | | $ | 2,633.0 | | | $ | 22.3 | | | $ | 8,740.5 | | | $ | 25.9 | | | $ | 8,766.4 | | | | | | | | | | | | | | | | | | Issuance of common stock through employee stock plans | 0.5 | | | — | | | 113.9 | | | | | | | 113.9 | | | | | 113.9 | | Shares withheld related to net share settlement of equity awards | — | | | — | | | (0.5) | | | (9.7) | | | | | (10.2) | | | | | (10.2) | | Share-based compensation expense related to employee stock plans | | | | | 105.8 | | | | | | | 105.8 | | | | | 105.8 | | | | | | | | | | | | | | | | | | Net income attributable to Intuitive Surgical, Inc. | | | | | | | 313.9 | | | | | 313.9 | | | | | 313.9 | | Other comprehensive income (loss) | | | | | | | | | (6.1) | | | (6.1) | | | 0.1 | | | (6.0) | | | | | | | | | | | | | | | | | | Net income attributable to noncontrolling interest in joint venture | | | | | | | | | | | — | | | 2.9 | | | 2.9 | | Ending balance | 117.5 | | | $ | 0.1 | | | $ | 6,304.3 | | | $ | 2,937.2 | | | $ | 16.2 | | | $ | 9,257.8 | | | $ | 28.9 | | | $ | 9,286.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2019 | | | | | | | | | | | | | | | | Common Stock | | | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Intuitive Surgical, Inc. Stockholders’ Equity | | Noncontrolling Interest in Joint Venture | | Total Stockholders’ Equity | | Shares | | Amount | | | | | | | | | | | | | Beginning balance | 115.2 | | | $ | 0.1 | | | $ | 5,430.1 | | | $ | 1,819.0 | | | $ | 16.1 | | | $ | 7,265.3 | | | $ | 14.3 | | | $ | 7,279.6 | | | | | | | | | | | | | | | | | | Issuance of common stock through employee stock plans | 0.6 | | | — | | | 86.1 | | | | | | | 86.1 | | | | | 86.1 | | Shares withheld related to net share settlement of equity awards | — | | | — | | | (0.5) | | | (7.4) | | | | | (7.9) | | | | | (7.9) | | Share-based compensation expense related to employee stock plans | | | | | 88.9 | | | | | | | 88.9 | | | | | 88.9 | | Repurchase and retirement of common stock | (0.2) | | | — | | | (3.7) | | | (65.8) | | | | | (69.5) | | | | | (69.5) | | Net income attributable to Intuitive Surgical, Inc. | | | | | | | 396.8 | | | | | 396.8 | | | | | 396.8 | | Other comprehensive income | | | | | | | | | 1.7 | | | 1.7 | | | (0.5) | | | 1.2 | | Net income attributable to noncontrolling interest in joint venture | | | | | | | | | | | — | | | 1.9 | | | 1.9 | | Ending balance | 115.6 | | | $ | 0.1 | | | $ | 5,600.9 | | | $ | 2,142.6 | | | $ | 17.8 | | | $ | 7,761.4 | | | $ | 15.7 | | | $ | 7,777.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2020 | | | | | | | | | | | | | | | | | Common Stock | | | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income | | Total Intuitive Surgical, Inc. Stockholders’ Equity | | Noncontrolling Interest in Joint Venture | | Total Stockholders’ Equity | | | Shares | | Amount | | | | | | | | | | | | | | Beginning balance | 116.0 | | | $ | 0.1 | | | $ | 5,756.8 | | | $ | 2,494.5 | | | $ | 12.4 | | | $ | 8,263.8 | | | $ | 20.9 | | | $ | 8,284.7 | | | Adoption of new accounting standard | | | | | | | (0.1) | | | | | (0.1) | | | | | (0.1) | | | Issuance of common stock through employee stock plans | 2.0 | | | — | | | 267.9 | | | | | | | 267.9 | | | | | 267.9 | | | Shares withheld related to net share settlement of equity awards | (0.3) | | | — | | | (7.5) | | | (157.8) | | | | | (165.3) | | | | | (165.3) | | | Share-based compensation expense related to employee stock plans | | | | | 292.3 | | | | | | | 292.3 | | | | | 292.3 | | | Repurchase and retirement of common stock | (0.2) | | | — | | | (5.2) | | | (94.8) | | | | | (100.0) | | | | | (100.0) | | | Net income attributable to Intuitive Surgical, Inc. | | | | | | | 695.4 | | | | | 695.4 | | | | | 695.4 | | | Other comprehensive income | | | | | | | | | 3.8 | | | 3.8 | | | 0.2 | | | 4.0 | | | Net income attributable to noncontrolling interest in joint venture | | | | | | | | | | | — | | | 7.8 | | | 7.8 | | | Ending balance | 117.5 | | | $ | 0.1 | | | $ | 6,304.3 | | | $ | 2,937.2 | | | $ | 16.2 | | | $ | 9,257.8 | | | $ | 28.9 | | | $ | 9,286.7 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2019 | | | | | | | | | | | | | | | | | Common Stock | | | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Intuitive Surgical, Inc. Stockholders’ Equity | | Noncontrolling Interest in Joint Venture | | Total Stockholders’ Equity | | | Shares | | Amount | | | | | | | | | | | | | | Beginning balance | 114.5 | | | $ | 0.1 | | | $ | 5,170.3 | | | $ | 1,521.7 | | | $ | (13.3) | | | $ | 6,678.8 | | | $ | 8.7 | | | $ | 6,687.5 | | | | | | | | | | | | | | | | | | | | Issuance of common stock through employee stock plans | 2.0 | | | — | | | 205.7 | | | | | | | 205.7 | | | | | 205.7 | | | Shares withheld related to net share settlement of equity awards | (0.3) | | | — | | | (7.2) | | | (145.7) | | | | | (152.9) | | | | | (152.9) | | | Share-based compensation expense related to employee stock plans | | | | | 246.6 | | | | | | | 246.6 | | | | | 246.6 | | | Repurchase and retirement of common stock | (0.6) | | | — | | | (14.5) | | | (255.0) | | | | | (269.5) | | | | | (269.5) | | | Net income attributable to Intuitive Surgical, Inc. | | | | | | | 1021.6 | | | | | 1021.6 | | | | | 1021.6 | | | Other comprehensive income | | | | | | | | | 31.1 | | | 31.1 | | | (0.5) | | | 30.6 | | | Capital contribution from noncontrolling interest | | | | | | | | | | | — | | | 10.0 | | | 10.0 | | | Net loss attributable to noncontrolling interest in joint venture | | | | | | | | | | | — | | | (2.5) | | | (2.5) | | | Ending balance | 115.6 | | | $ | 0.1 | | | $ | 5,600.9 | | | $ | 2,142.6 | | | $ | 17.8 | | | $ | 7,761.4 | | | $ | 15.7 | | | $ | 7,777.1 | | |
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Schedule of Share Repurchase Activities |
The following table provides share repurchase activities (in millions, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | 2020 | | 2019 | | 2020 | | 2019 | Shares repurchased | — | | | 0.2 | | | 0.2 | | | 0.6 | | Average price per share | $ | — | | | $ | 492.94 | | | $ | 521.83 | | | $ | 481.35 | | Value of shares repurchased | $ | — | | | $ | 69.5 | | | $ | 100.0 | | | $ | 269.5 | |
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Components of Accumulated Other Comprehensive Income, Net of Tax |
The components of accumulated other comprehensive income (loss), net of tax, attributable to Intuitive are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2020 | | | | | | | | | | Gains (Losses) on Hedge Instruments | | Unrealized Gains (Losses) on Available-for-Sale Securities | | Foreign Currency Translation Gains (Losses) | | Employee Benefit Plans | | Total | Beginning balance | $ | 0.4 | | | $ | 44.1 | | | $ | (13.8) | | | $ | (8.4) | | | $ | 22.3 | | Other comprehensive income (loss) before reclassifications | (0.8) | | | (7.1) | | | 2.2 | | | — | | | (5.7) | | Amounts reclassified from accumulated other comprehensive income (loss) | (0.6) | | | — | | | — | | | 0.2 | | | (0.4) | | Net current-period other comprehensive income (loss) | (1.4) | | | (7.1) | | | 2.2 | | | 0.2 | | | (6.1) | | Ending balance | $ | (1.0) | | | $ | 37.0 | | | $ | (11.6) | | | $ | (8.2) | | | $ | 16.2 | | | | | | | | | | | | | Three Months Ended September 30, 2019 | | | | | | | | | | Gains (Losses) on Hedge Instruments | | Unrealized Gains (Losses) on Available-for-Sale Securities | | Foreign Currency Translation Gains (Losses) | | Employee Benefit Plans | | Total | Beginning balance | $ | 0.5 | | | $ | 19.7 | | | $ | (0.8) | | | $ | (3.3) | | | $ | 16.1 | | Other comprehensive income (loss) before reclassifications | 4.1 | | | 1.7 | | | (3.0) | | | — | | | 2.8 | | Amounts reclassified from accumulated other comprehensive income (loss) | (1.0) | | | (0.2) | | | — | | | 0.1 | | | (1.1) | | Net current-period other comprehensive income (loss) | 3.1 | | | 1.5 | | | (3.0) | | | 0.1 | | | 1.7 | | Ending balance | $ | 3.6 | | | $ | 21.2 | | | $ | (3.8) | | | $ | (3.2) | | | $ | 17.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2020 | | | | | | | | | | Gains (Losses) on Hedge Instruments | | Unrealized Gains (Losses) on Available-for-Sale Securities | | Foreign Currency Translation Gains (Losses) | | Employee Benefit Plans | | Total | Beginning balance | $ | 0.7 | | | $ | 20.4 | | | $ | — | | | $ | (8.7) | | | $ | 12.4 | | Other comprehensive income (loss) before reclassifications | 2.0 | | | 21.3 | | | (11.6) | | | — | | | 11.7 | | Amounts reclassified from accumulated other comprehensive income (loss) | (3.7) | | | (4.7) | | | — | | | 0.5 | | | (7.9) | | Net current-period other comprehensive income (loss) | (1.7) | | | 16.6 | | | (11.6) | | | 0.5 | | | 3.8 | | Ending balance | $ | (1.0) | | | $ | 37.0 | | | $ | (11.6) | | | $ | (8.2) | | | $ | 16.2 | | | | | | | | | | | | | Nine Months Ended September 30, 2019 | | | | | | | | | | Gains (Losses) on Hedge Instruments | | Unrealized Gains (Losses) on Available-for-Sale Securities | | Foreign Currency Translation Gains (Losses) | | Employee Benefit Plans | | Total | Beginning balance | $ | 0.2 | | | $ | (9.8) | | | $ | (0.3) | | | $ | (3.4) | | | $ | (13.3) | | Other comprehensive income (loss) before reclassifications | 7.4 | | | 31.3 | | | (3.5) | | | (0.1) | | | 35.1 | | Amounts reclassified from accumulated other comprehensive income (loss) | (4.0) | | | (0.3) | | | — | | | 0.3 | | | (4.0) | | Net current-period other comprehensive income (loss) | 3.4 | | | 31.0 | | | (3.5) | | | 0.2 | | | 31.1 | | Ending balance | $ | 3.6 | | | $ | 21.2 | | | $ | (3.8) | | | $ | (3.2) | | | $ | 17.8 | |
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